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Nov 24 2009

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Former Bricsnet CEO indicted on embezzlement charges

Just over two years ago, I wrote about the latest $13 million fund-raising round by US-based AEC and property solutions vendor Bricsnet. Following a news item on AECcafe.com, I see that Ethan Farid Jinian, the CEO of Bricsnet at the time of that investment, has just been indicted on charges of embezzling $1 million.

The US Department of Justice confirms Jinian appeared in federal court last week after a federal grand jury indicted him on 14 counts of wire fraud between November 2006 and September 2008 while he was Bricsnet CEO. At the time Jinian was in receipt of an annual salary of $200,000, but is alleged to have falsely told other Bricsnet employees that he was orally promised additional compensation and directed them to issue cheques totalling more than $1m to him.

Possibly Construction collaboration technology’s first major criminal scandal!

Permanent link to this article: http://extranetevolution.com/2009/11/former-bricsnet-ceo-indicted-on-embezzlement-charges/

2 pings

  1. The Bricsnet interview | Extranet Evolution

    […] in this blog a handful of times over the past four years – most recently last November (posts here and here). However, following contact then from Cristina Niculescu, head of Bricsnet’s […]

  2. More on the former Bricsnet CEO embezzlement | Extranet Evolution

    […] to my post about the Jinian wire fraud indictment, I’ve just received an email from Cristina Niculescu, head of Bricsnet’s collaboration tool […]

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